Bank of New York Mellon Unit to Pay $210 Million in Madoff Settlement

A Bank of New York Mellon Corp. unit will pay $210 million to resolve a series of lawsuits claiming that it concealed doubts about the business operated by convicted Ponzi schemer Bernard L. Madoff.

The settlement by Ivy Asset Management LLC, which comes less than a month before the fourth anniversary of Mr. Madoff's fraud coming to light, resolves litigation by the New York attorney general's office, the U.S. Department of Labor and...